The Mexican corporate market saw lower activity during July 2026. Gross demand reached 44,000 square meters, a drop of nearly 60% compared to July 2025. However, cumulative leasing through July totaled 540,000 square meters—9.5% higher than in the same period the previous year.

Of interest: Industrial leasing in Ciudad Juárez rebounds in Q2 2026, with over 85,000 m²

Mexico City accounted for 52% of national demand, followed by León, Guanajuato (19%), Monterrey (13%), and Guadalajara (11%). These markets drove the bulk of activity, albeit at a slower absorption pace than observed a year earlier.

Regarding move out activity, 25,000 square meters of space were vacated in July—12% less than in July 2025. Mexico City accounted for 78% of the vacated space, followed by Monterrey with 13% and Querétaro with 5%. The national vacancy rate stood at 15.3%, down 1.2 percentage points from the level recorded a year prior.

Meanwhile, national inventory reached 18 million square meters, reflecting 2.2% annual growth. The amount of space under construction fell by 16% year-over-year to just over 1 million square meters, concentrated primarily in Mexico City, Monterrey, and León.

See here: Monterrey regains its position as the country's most in-demand market: 300,000 m² in Q2 2026

The contraction in demand during July contrasts with the year's cumulative growth and reflects a more selective market. Despite lower monthly activity, the reduction in vacancy and the progress in cumulative leasing point toward more balanced conditions, with companies and developers prioritizing efficiency and long-term decisions.